NFT marketplace development

A non-fungible token, or NFT, is a digital token that acts as an electronic certificate of ownership for physical or virtual assets such as photos, videos, tweets, computer code, etc. Each NFT is a unique, non-fungible, indivisible digital asset. This means that, unlike bitcoins or ether, NFTs are not identical to each other, therefore, they cannot be traded or exchanged on an equivalent basis, and they cannot be used as a means of payment for trading. NFT marketplace is an online platform that provides access to offers for the sale and purchase of non-fungible tokens. A well-designed marketplace will allow you to establish a close relationship between the seller and the interested user, providing a place for placing trade offers. Users will have access to a digital catalog and a personal account, with the help of which it is possible to carry out the safest and fastest transactions. For several years, the Boosty Labs team has been successfully involved in NFT marketplace development. We are a world-class fintech and cloud engineering team with a solid background of practice that combines consulting, strategy, design and engineering at scale.
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Benefits of NFT marketplace development

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Security

Security is an important feature of the NFT platform in relation to token transactions between traders in the market. Built-in security protects against loss of transactions and other unwanted actions as it is protected by private keys.

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Transparency

The user can clearly see every transaction that takes place in the market. The blockchain network ensures an error-free payment process and smooth transactions.

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Smart contracts

Smart contracts are initiated by digitally signing an agreement to prevent fraud and eliminate commission-free intermediaries. Smart contracts are written in lines of code to automate the process.

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Decentralization

Decentralization in the NFT platform allows all data to be copied and distributed across various blockchain networks. Each time a new block is introduced, the NFT platform network updates its blockchain to accommodate changes.

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Instant payments

Payments and fees on the NFT marketplace initiate instant payments in cryptocurrency. No personal information or card details are required to access this trading platform.

Main features of the NFT marketplace

Showcase

This function provides the trading platform visitors with all the information they need about the lot: name, price, description, preview, owner, purchase method, rating, etc. Some NFT marketplaces also provide blockchain and token protocol information so that users can verify the authenticity of purchased NFTs.

Search system

The search system allows users to easily find the subject of interest. All assets are divided into several categories such as art, photography, video, domains, memes and music, which makes it easier for users to navigate the store listing. Filters also simplify navigation as there are many similar items on the platform.

Push notification system

Push notifications system allows users to inform users about new bids in the selected category or from the selected seller, change in the status of the selected product, new message, sale of their own lot or update of the NFT trading platform.

Support service

With the help of the support service, users are looking for answers to emerging questions, solving problems and conflicts. Support service via call center, email, separate information portal and using a help bot.

Trade history

A section where the user can view his trading history. So you can understand how popular the site is, what they sell on it and at what price. The trading history includes the following data: event, product name, price, buyer, seller, date.

The NFT marketplace combines the functions of an online store, an auction, and a blockchain platform for the issuance of non-fungible tokens. Users should be able to create their own NFT products and sell them. In addition, such marketplaces usually offer some features to attract and retain customers, as well as improve the quality of their service.

The trading platform for buying and selling NFT is sophisticated software, the development of which is best entrusted to a development company with relevant experience such as Boosty Labs. 

For several years now, we have been helping businesses and individuals implement projects in the field of fintech and blockchain – from wallets to cryptocurrency exchanges. At the same time, our company can help you both create a marketplace from scratch and clone an existing platform.

Experts comprehensively assess the needs of the client and create on the basis of the task a completely ready-to-launch platform with a good design and simple controls that will be understandable even for novice users of the market.

We assess the needs of the user to achieve a quick payback of the platform and use clear tools for posting offers for the purchase and sale of non-fungible tokens.

The advantages of contacting the developers of our company:

  • selection of a strategy for creating a platform, implementation of an adaptive interface and basic functionality;
  • built-in rating will allow you to quickly track popular NFT tokens;
  • reasonable price for services and the ability to select a solution within any available budget;
  • a uniquely developed design will be able to take into account the basic needs of market participants;
  • strict adherence to the terms of site development;
  • launching and maintaining a project to attract more active users.

In the first phase of creating an NFT marketplace, you and the development team should examine the details of your project in order to assess the technical feasibility of the project and its viability. Here you have to answer the questions:

  • What niche will you work in?
  • How exactly will you sell NFTs?
  • Who is your main target audience?
  • Which token protocol will you use?
  • What technology stack will you use?
  • What monetization model will you use?
  • What will make your project stand out from the competition?
  • What features do you intend to implement?

The answers to these questions will point you in the direction of the entire development process and help you come up with the specifications for building your NFT marketplace. If you find it difficult to answer the questions, do not worry, our development team will help with this: they can describe your ideas in text and visual diagrams, and prepare technical documentation so that you can start designing.

Once the initial concept and specifications are ready, the development team can draw up a development plan to indicate the estimated timeline and budget for the project. Then you can start designing.

When all the technical requirements and the development plan are agreed, the development team can get to work. First, you, the business analyst and / or designers design the marketplace user interface (wireframe, layouts and prototypes) describing the user flows and functions of the site. An effective architecture of the trading platform is also being created.

UX/UI design

Navigation and the look and feel of the user interface are very important in the development of an NFT marketplace, as first impression, usability and user experience in general depend on them. So make sure your site design will appeal to your audience and be simple enough for anyone with even a little familiarity with Amazon and Ebay to figure it out.

Back-end and smart contracts

At this level, the work of the entire internal (server) part of your trading platform is carried out. When developing it, in addition to the usual business logic and marketplace functionality, you must implement work with the blockchain, smart contracts, wallets and provide an auction mechanism (most NFTs sell using it).

Front-end

This is the entire external part of the trading platform that is responsible for interacting with the end user. The main focus of front-end development is to ensure ease of management, as well as reliability and performance.

Testing the created product

At this stage, several cycles of testing the code are performed to ensure that the platform is working correctly. The QA team runs several checks to make sure your project code is free of critical bugs and bugs. In addition, the content, usability, security, reliability and performance are checked for all possible scenarios of using the platform.

Deployment and support

With the platform tested, it's time to deploy your NFT marketplace on the server (cloud). Please note that this is not the last step, as you will also need to organize the work of the support team. In addition, you also need to plan for the further development of the platform in order to follow market trends and user expectations.